Bittrex suspends ZClassic [ZCL] transactions, Bitcoin Private [BTCP] wallet available for withdrawals

Bittrex announced a few hours ago that it will not support Bitcoin Private’s [BTCP] market but will offer its users who hold ZClassic [ZCL] on Bittrex partial support by claiming and withdrawing BTCP because of certain issues with the ZClassic wallet.

Bittrex’s Official Tweet

Bitcoin Private [BTCP]

Bitcoin Private is supposedly a fork proposal of ZClassic [ZCL]. It is a combination of the transaction residue output of ZCL with the UXTO’s [Unspent Transaction Output] of Bitcoin [BTC]. The snapshots of UXTO are reportedly the first ZCL and BTC blocks found at the end of last month on February 28th.

ZClassic [ZCL]

ZClassic is trading at $7.55 currently which has been declining just like every other coin in recent times. It is worth a market capitalization of $26,534,786 and can be found a little further down the list in the market. Their high volume trading platform includes Bittrex followed by Cryptopia and CoinExchange.

Bitcoin [BTC]

Despite the downfall, Bitcoin is going strong trading at a net $9,223.01 at press time. It is traded across Bitfinex, OKEx, and Binance, a few from the top exchanges.

According to the recent statement by Bittrex, it has shut down the ZClassic wallet for all withdrawals and deposits. It is because of the very significant amount of Coinbase trades along with UXTO’s in the wallet that has caused some delays with transactions.

As a result, they stated as a precaution to its users:

“Please make sure you have canceled any pending ZCL withdrawals. Bittrex will suspend deposits and withdrawals of ZCL until after the snapshots are complete and the wallet is in a workable state.”

The ZClassic market will go offline for about 15 minutes before the snapshot time and will perform an on-exchange snapshot of ZCL balances and will re-open only after 5 pm UTC once this is complete.

They also stated that until the wallets are fully supported and functional, they cannot guarantee any tokens. The state of codebase and networks will be monitored continuously and BTCP will be available at least a week from the period of network launch since ZCL wallet has a significant value of UXTO’s to clean up and consolidate.

They also affirmed while concluding that: Bitcoin balances will NOT be credited BTCP.

Wei Pang Leo, a Bittrex follower tweeted:

“Your decision of not opening a market is truly unfortunate and disappointing. I hope u will reconsider and make the legions of BTCP hodlers many of who are your clients, satisfied.”

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